sales analysis - surfers paradise marriott (1) · location!...
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LOCATION The Hotel is approximately 200m from Main Beach and only 1.5kms to the heart of Surfers Paradise’s retail precinct. It is within close proximity to the Southport Yacht Club, Marina Mirage and the Sea World theme park. The popular theme parks of Wet and Wild and Dreamworld are also within 20 minutes drive.
SALES DETAILS
Sales Price: $84,500,000 Passing Yield on CY14 Actuals 3.93%^ Rate per room $256,839 Contract Date: 31 July 2015 CONTACTS
Sam McVay l Managing Partner McVay Real Estate M: +61 402 613 603 E: [email protected]
Dan McVay l ChairmanMcVay Real Estate M: +61 412 872 859 E: [email protected] DISCLAIMER
While the information shown has been prepared in good faith and with due care, no representation or warranties are made (express or implied) as to the accuracy, currency, completeness, suitability or otherwise of such information. Figures, calculations and other information have been provided to MRE by third parties and have not been independently verified. The information is intended as a guide only and does not constitute advice. Interested parties are required to undertake their own independent investigations and due diligence. In addition, interested parties should make independent inspections, searches, advices and enquiries regarding relevant licenses and approvals required with respect to The Property).
SITE DETAILS Hotel: 17,391 sqm (Freehold) Marina: 10,367 sqm (Crown Lease expiring 22.03.41) Car Parking: 348 car spaces
SALES ANALYSIS SURFERS PARADISE MARRIOTT RESORT AND SPA, SURFERS PARADISE, QLD
PROPERTY DESCRIPTION The Hotel features 329 rooms and suites, together with 6 food and beverage offerings, 10 generous conference facili^es, saltwater swimming lagoon and swimming pool with waterslide and poolside banquet area, day spa, Elandra Retreat Club (Marrio` club lounge), gymnasium, 2 tennis courts and approximately 348 undercover car spaces. The property also includes a par^ally let 7 berth marina on leasehold land that has the capacity for expansion into a 64 berth marina. During 2010 and 2011, the Surfers Paradise Marrio` underwent a comprehensive refurbishment, which addressed guest rooms, hotel lobby and the ground floor F&B offerings.
OPERATING DETAILS Hotel Management Agreement Operator: Marrio` Interna^onal Management
Company B.V. HMA Expiry: December 2024 Op^on: 10 years (at Marrio`’s sole elec^on) CY2014 Budget ADR: $223 Occupancy: 71.2% RevPar: $159 EBITDA Margin: 9.7%
SALE COMMENTARY A highly compe^^ve EOI campaign was run over a period of 5 weeks. The campaign commenced on 28 January with an EOI close on 5 March. An exclusive and preferred bidder was selected from the competitive EOI process, with due diligence being completed and an unconditional sales contract was entered on 5 May 2015. The sale represents the ^ghtest yield achieved across all significant hotel transac^ons in the Gold Coast in the past 3 years.
^Assumes a normalised FF&E allowance in line with HMA